后金融危机时期公开市场操作的新动态与文献述评

A Literature Review and the New Trends of Open Market Operation in the Post Crisis Era

在后金融危机时期,世界各国不约而同地加大了公开市场操作货币政策的实施力度,同时运用手法上出现了一些较为新颖的变化形式,例如量化宽松、扭曲操作、完全货币交易政策以及中国的央票操作等。本文从改善流动性、引导利率形成机制、新兴市场国家的创新三个方面,对当前新型的公开市场操作货币政策的传导路径与传导效果进行了文献综述与述评。对该问题的研究有助于丰富与拓展传统货币理论的研究框架,提高公开市场操作货币政策实施的有效性,并为新兴市场国家应对新型货币政策的挑战提供理论依据与行动指南。

In the post financial crisis era, most countries in the world spontaneously strengthened the intensity ofopen market operations. And at the same time, some of the more novel variations of open market operations appeared, such as Quantitative Easing, Operation Twist, Outright Monetary Transactions and China＇s Central Bank Bills Operation. We studied the transmission mechanism and effects of these new open market operations in terms of liquidity improvement, guidance for interest rate formation mechanism and innovation in emerging countries. The study is conducive to enriching and expanding the research framework of traditional monetary theory, improving the effectiveness of open market operations, and providing a theoretical basis and guidance to actions for emerging countries to cope with the challenges coming from all the new monetary policies.